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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 691.88-0.3%Jan 30 4:00 PM EST
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To: Clint E. who wrote (19706)2/7/1999 3:13:00 PM
From: Gary Martin  Read Replies (3) of 70316
 
Hi Clint,

I haven't been active on this thread for nearly a year, but have done nothing but chart analysis on my own for the past year. I'd like to ask about how others see the current technical situation in the NDX, which seems appropriate on SI.

May I ask you, and other technicians, what you think of the channel breakout that may be occuring on the NDX? Its 5 month long "up channel" has had three tests of the lower boundary line. I believe that the recent fourth move to the line has taken it out to the downside. If so, what would you expect for this index? I am thinking of the significance of the "classic bar charting" rule regarding the fourth test of a three point trendline. If you happen agree with my suspicion of a downside break, do you know of any quantitative projection techniques for such a situation?

Thanks,

Gary
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